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Currency Bill has 80 co-sponsors already!

The Currency Reform for Fair Trade Act (HR 1276) is gaining co-sponsors at a rapid clip, from both parties. This is the same bill that passed the House in 2010 by a wide bi-partisan margin.

As of last Friday, there were already 80 co-sponsors of HR 1276, which is really great after only about a month! CPA members have been advocating this bill in person, and through online actions, for a few weeks. And its working.

CPA’s discussions with Congress and those inside the beltway reveal that there seems to be more momentum for a currency fix than in the past couple of years. Why?

1. Global currency market intervention, and currency reserves, by foreign governments is on the increase.

2. Reports show that 60% of global trade is with countries that manipulate their currency.

3. Japan is joining the Trans Pacific Partnership negotiations. Japan’s yen has been devalued by 20% in the last few months due to government (direct and/or indirect) action.

4. The WTO and IMF simply won’t solve the issue. The issue needs to be forced through unilateral or regional coalition action.

The big issue is that we are in a new world of competitive currency devaluation… or currency wars. Obama’s Treasury Department has been a real problem in helping come to a solution, because they distract us with promises of dialogue with rogue currency manipulating nations. House leadership has been no better.

But we are going to win this fight. The momentum is on our side.

Here are the current list of HR 1276 sponsors, in addition to lead sponsor Sander Levin (MI-09):